Posts Tagged: trusts
All in the Family: Cabin Crisis
Bea Anderson and her siblings have always made decisions about their shared cabin with a handshake. With just a brother and a sister and their spouses to consult, that hasn’t so hard. But the cabin on Lake Vermillion, which has been in the family for more than 50 years, will pass to seven families in the next generation. “When there’s more people involved, then you get more opinions. We wanted to set up guidelines about how we feel the cabin can be run successfully,” Bea’s husband, Jerry Anderson, said. They needed a plan and turned to a cabin trust. Without a trust, cabins are often passed to the next generation in equal shares, with equal responsibility for the expenses and upkeep. That arrangement is known as tenants-in-common. No problem, right?